Each year the government offers subsidized personnel solutions for all sized Cyprus Companies to improve the skills and unemployment rate of people in the Republic. These subsidies are very important as they can reach up to 80% of the payroll cost for the specific employee who enrolls into the system.
Typically, the company will have to apply to the appropriate ministry offering the scheme and once selected to employee the person for the work based on the scheme’s specific requirements. In recent years because the approval process from the government is slow it is advisable to employee the candidates prior to the approval in order to meet timeframes set by the programmes. Therefore, the company would employee the candidate and pay for full its wages until the end of the programme at which point the company will request for the subsidy back which takes on average 2 months to be given.
If this is of interest to you please contact us to provide you with such solutions at: kt@cyprusaccountants.com.cy
If you would like to stay informed please register to our newsletter and follow us on social media where we post all new developments as soon as they emerge.